Paint Company Liquidation
XYZ services the building industry with painting and building maintenance. Due to the current financial situation in South Africa, minimal quotes are being accepted. Our turnover has dropped to below half and some months we seeing as little as 20% of our turnover. Due to the fact that our turnover has dropped so bad, we have fallen behind in paying bills and our VAT bill to SARS. We are also being forced to belong to the BIBC and are being forced to pay high wages and other fees. This has resulted in our quotes being high, and clients not accepting our quotes. This has resulted in us not getting in as much work as we used to get in.